• Stoxx 600 +0.1%
• UK FTSE 100 -0.5%
• German DAX -0.1%
• French CAC +0.3%
• Italy MIB +0.7%
• Spain IBEX +0.4%

The Dax is struggling to get above the August high.

• Stoxx 600 +0.9%
• UK FTSE 100 +0.4%
• German DAX +1.3%
• French CAC +0.7%
• Italy MIB +1.0%
• Spain IBEX +0.5%

The gains weren’t quite as enthusiastic as in the US today but they’re something to build off.

• Stoxx 600 +0.8%
• German DAX +0.9%
• UK FTSE 100 +0.7%
• French CAC +0.9%
• Italy MIB +0.6%
• Spain IBEX +1.3%

US stocks are back to June levels while the Dax has a long way to go. Of course, in Europe they’re paying about 10x more in the forward power market.

• Stoxx 600 +0.5%
• FTSE 100 +0.7%
• German DAX +0.6%
• French CAC +0.8%
• Italy MIB +1.5%
• Spain IBEX +0.75%

There’s some level of whistling-past-the-graveyard here given what’s happening with natural gas and power prices.

Markets are trying to come to grips with the surprise ECB 50 bps, the Transmission Protection Instrument, flows resuming in Nord Stream 1 and Italy dissolving parliament.

That’s a lot to take in and it led to a choppy day of trading

• Stoxx 600 +0.3%
• German DAX -0.6%
• French CAC flat
• Spain IEX -0.3%
• Italy MIB -1.0%

Global markets are having a nice rally in the past week or so but Italy isn’t participating.